Apple’s iPhone sales continue to drop as its profits go through the roof

Despite decliningiPhone sales over the last year, Apple continues to breeze through the competition as the company clinches an all-time high market share profit for the third quarter of 2016.

BMO Capital Markets analyst Tim Long estimates that the Cupertino giant has snatched an impressive 103.6 percent of all smartphone industry operating profits over the last quarter, the Investor’s Business Daily reports.

The reason Apple’s profit share surpasses the 100 percent mark has to do with other vendors losing money. This in turn results in accumulated profits higher than the industry’s netted overall.

By comparison, the Big A scooped 90 percent of all smartphone profits during last year’s third quarter, Long further remarked.

Among other major manufacturers, Samsung is a distant runner-up with a tiny 0.9 percent market share when it comes to third-quarter operating profits. This is hardly surprising given that the South Korean giant has been recovering from a massive mishap with its fire-catching Galaxy Note 7 flagship phone.

As far as units-sold go, Long gauges that Samsung leads the chart with a market share of 21.7 percent, followed by Apple and Huawei with 13.2 and 9.7 percent, respectively.

Smartphone shipments have increased to 346 million units in the third quarter, marking a 2.1 percent year-over-year spike. The BMO analyst further predicted that unit shipments will grow at a compound annual rate of 2.6 percent from 2015 to 2019.